HomeMy WebLinkAbout0238 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RID~R ~
THIS CONDOMINIUM RIDER is made this . . . . _ 26th . . . . . . . . . . day of . . . . February . _ .
19 19 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND L.OAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property described in the security inshument and ~
located at . . . . 24.00 . S.. Ocean . ari ve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
fProp~rty AOOnsl1 ,
The Properiy comprises a unit in, to~ether with an undivided interest in the common elements ot, a condominium
project known as . . . . . . . . . . O.CEAN. VILLAGE - - - - - - - - - - - - - . . . . . . . . . . . . . . . . . . .
INsms of Cd~donwmum Vro}lctl
. . . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security inshument.
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shal) promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document ot the Condominium
Proiect.
B. Hasard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which , provides insurance coverage against fire, hazards included within the tem: "extended
coverage." and such other hazards as Lender may require, and in such amounts and for such
periods as Lender may require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on the Property:
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and ~
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between
such ~provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common elements. any such proceeds payable to BoTrower are hereby
E assigned and shall be paid to Lender for application to the sums secured by the security instrument. •with the
~ excess, if any, paid to Borrower. ~ ~
~ C. Lender`s Prior Consent. Borrower shall not, except aher notice to Lender and with Lender's prior
~ written consent, partition or subdivide the Praperty or consent to:
y (i) the abandonment ~r termination of the Condominium Project, except for abandonment or
a termination provided by law in the case of substantial deshuction by fire or other casuaity or in the case oi a
~ taking by condemnation or eminent domain;
~ (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners
~ Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any
~
amendment which would change the percent~qe interests of the unit owners in the Condominium Project; or
~ (iii) the effectuation of any decision by the Ownen Association to terminate professional management
~ and assume self-management of the Condominium Project. -
~ D. Remedies. It Bonower breaches Borrower s cove~ants and agreements hereunder. including the
~ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
F~ under the securiry instrument. including, but not limited to, those provided under Uniform Covenant 7.
~
~ IN WITNESS WHEREOF, Borrower has exewted this Condomi ' m Rider.
~ .i- .=c':G"
~ . `~•y • ' . . / ~ ~ ~
; , )
i ~ ~
e^•.owe•
' 4`;`r-~rJ~~~ r ng o -
:J 2? : 35 -
T "f ~ r ~j
~
; ~ (j .
opp ~ / -Borrowt~
_ ,
. ~ ,
~ CONOOMINIUM RtDER-~ te 4 Famdy-6~15-FNMAifHLMC UN~FORM INSTRUMEN?
`j
fiF
~
~
5a I
S
} 3,,,r 3U4
y` R 238
Fo~m zw .
~ .
~
, ~ : - - - - - - - _ , ~ ~ T ~
~ ° `
al ~ ~ ' }
- ~